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Nasdaq omx italeaf presentation

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Nasdaq omx italeaf presentation

  1. 1. 1
  2. 2. NASDAQ: A HISTORY OF INNOVATION & GROWTH Armenian Stock Exchange is established. NASDAQ goes public Acquisition of Philadelphia and Boston Stock Exchanges Google lists on NASDAQ Acquisition of Thomson Reuters Corporate Services, with over 10,000 global clients Acquisition of OMX Group. Powering over 70 exchanges in 50 countries 1912 1920 1934 2004 2007 2013 Riga Stock Exchange is established 2 Launch of NASDAQ Private Market 1808 Copenhagen Securities Exchange is established 1863 Stockholm Securities Exchange is established Helsinki Securities Exchange is established Tallinn Stock Exchange is established in Estonia The Securities Exchange Act of 1934 becomes the regulatory foundation for the US financial markets and establishes the Securities and Exchange Commission (SEC) The Maloney Act generates the creation of the National Association of Securities Dealers (NASD) February 8,1971 – NASDAQ is incorporated Apple lists on NASDAQ 1971 1980 1986 Microsoft lists on NASDAQ The first exchange to open an office in Silicon Valley Iceland Stock Exchange is established 1992 Vilnius Stock Exchange is established 1994 NASDAQ surpasses the New York Stock Exchange in yearly share volume 2000 Kraft Foods switches to NASDAQ NASDAQ acquires shareholder.com Robert Greifeld named President and CEO of The NASDAQ Stock Market The MarketSite opens, located in the heart of Times Square NASDAQ creates The NASDAQ-100 Index NASDAQ-100 MIFID I Directive has been introduced
  3. 3. NASDAQ OMX OUR GLOBAL LISTINGS BUSINESS 3 3400 NASDAQ OMX LISTS COMPANIES 8 LISTING OPPORTUNITIES U.S. – NORDICS – BALTICS LISTINGS ARE WORTH IN MARKET CAP $6 TRILLION ONLY EXCHANGE TO OWN CORPORATE SOLUTIONS MORE THAN $ 580 BILLION INMARKETCAP SWITCHED TO NASDAQ SINCE 2005
  4. 4. NASDAQ OMX THE WORLD’S MOST RECOGNIZED BRANDS 5
  5. 5. NASDAQ OMX NASDAQ OMX NORDIC FAST FACTS •Market Cap EUR 985 billion •Turnover per Business Day EUR 3 268 million • 680 listed companies in the Nordics Iceland Sweden Finland Denmark Estonia Latvia Lithuania Stockholm, March • Market Cap EUR 561 billion • Turnover per business day EUR 1 804 million • 258 listed companies 6
  6. 6. NASDAQ OMX 7 MTF* markets Operated by a market operator or financial institution No EU requirements for traded companies *Multilateral Trading Facility Regulated markets Operated by a market operator Directives from EU applicable • Prospectus directive • Transparency directive • Market abuse directive MARKET SETUP MECHANISMS (EUROPE) Main market First North Requirement from Swedish FSA: it must be clear other rules apply!
  7. 7. NASDAQ OMX 8 FINANCING EXAMPLES FROM STARTUP TO A LARGE BUSINESS -Where and how does NASDAQ OMX support? Seed funding Startup funds Family and Friends Bank loan Crowd funding Business angels Venture Capital Corporate bond Private Equity Growth market listing Exit? Stock exchange listing? Trade Sales?
  8. 8. NASDAQ OMX 9 First North Stocks Regulated Market Stocks Regulated Market Bonds First North Bond Market NASDAQ OMX POSSIBILITIES FOR CORPORATIONS
  9. 9. NASDAQ OMX BENEFITS OF A LISTING ▶ NASDAQ OMX in the Nordics is one of the most liquid and efficient cash equities market in Europe, with entry points in Helsinki, Stockholm and Copenhagen. ▶ We have a proven placing power – stocks of NASDAQ OMX listed companies are held by local, regional, and global investors with a balanced mix of long-term, short-term, and retail shareholders. 10 BENEFITS OF A FIRST NORTH LISTING ▶ ▶ ▶ ▶ ▶ ▶ ▶
  10. 10. 11 FIRST NORTH COMPLEMENTS THE MAIN MARKET - Combines simplicity, expertise and visibility * where possible
  11. 11. [PLACE GRAPHIC HERE] NASDAQ OMX 12 LISTING PROCESS First North COMPANY & CA NASDAQ OMX -15 DAYS Company appoints a CA. The CA books a start-up meeting with NASDAQ OMX. The CA (together with the company) PREPARES A LISTING APPLICATION. -15 DAYS ICB DOCUMENT should be sent to NASDAQ OMX at least 15 days prior to the first day of trading. NASDAQ OMX will SEND THE REQUEST TO ICB. -10 DAYS The CA FILES THE LISTING APPLICATION to NASDAQ OMX -4 DAYS LISTING DECISION -3 DAYS MARKETPLACE ANNOUNCEMENT -3 DAYS PRESS RELEASE from company regarding the first day of trading FIRST TRADING DAY WELCOME CEREMONY at NASDAQ OMX (date of the first day of trading)
  12. 12. 13 NORDIC KEY FIGURES (Per 19 June 2014. Not including the Baltics) SINCE 2011: 68 NEW COMPANIES 150 COMPANIES IN TOTAL INDEX +27% IN 2013 SINCE 2011: 59 NEW COMPANIES 553 COMPANIES IN TOTAL INDEX +23% IN 2013 (SE) COMBINES SIMPLICITY WITH VISIBILITY GLOBAL MARKET WITH LOCAL ACCESS
  13. 13. GLOBAL LISTING OPPORTUNITIES 14 MAIN MARKETS ARMENIA COPENHAGEN HELSINKI ICELAND RIGA STOCKHOLM TALLINN VILNIUS NASDAQ DUBAI GROWTH MARKETS FIRST NORTH DENMARK FIRST NORTH ESTONIA FIRST NORTH FINLAND FIRST NORTH ICELAND FIRST NORTH LATVIA FIRST NORTH LITHUANIA FIRST NORTH SWEDEN THE NASDAQ STOCK MARKET NASDAQ CAPITAL MARKET NASDAQ GLOBAL MARKET NASDAQ GLOBAL SELECT GROWTH MARKET NASDAQ OMX BX NASDAQ PRIVATE MARKET (ADR PROGRAMS) UNSPONSORED, LEVEL I, II AND III 5 COMPANIES PER YEAR
  14. 14. SWEDISH AND NORDIC AVERAGE RETURN STANDS OUT NASDAQ OMX has a proven track record of high performance – regardless if you compare 4, 10, 20 or even 40 years back in time. Historically, the stock market index of NASDAQ OMX Stockholm has outperformed global markets. Source: MSCI. Source: MSCI 2013 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2012 4-year-average 10-year-average 20-year-average 30-year-average 40-year-average SWEDEN NORDIC WORLD USA EUROPE
  15. 15. CONFIDENCE RETURNS: COMPANIES NEED TO BE READY TO SEIZE THE MOMENT • The market today: - Increasing valuations - Low volatility • SIXVX is a volatility index and is used as a proxy for investors’ and consumers’ views of the economy. It is also referred to as a fear index since high levels imply high perceived risk. • High levels of SIXVX are often associated with market pullbacks as can be seen in the graph 16 - 200 400 600 800 1 000 1 200 1 400 0 10 20 30 40 50 60 70 80 90 OMX S30 Traded Value (BEUR) SIXVX OMX S30
  16. 16. 17 INDUSTRY LEADING LISTINGS IN EUROPE Health Care Industrials Materials Energy & Utilities Financials IT & Telecom Consumer Source: NASDAQ OMX October 2009
  17. 17. POWERFUL EUROPEAN FINANCIAL ECOSYSTEM Source: FESE Year book 2013Source: NASDAQ OMX European Statistics Source: NASDAQ OMX European Statistics Source: PEREP_Analytics, Inccfremental closing during 2013
  18. 18. 19 TRADING IN OUR NORDIC MARKETS The level of assets allocated to cash equity assets in Sweden and the Nordics are higher than the European average. It is also higher than UK, France and Germany. Both Main Market and First North use one trading system (INET) with exposure to 184 Trading members. MAIN MARKET 2013Q1 TURNOVER TRADES GLOBAL INVESTMENT BANKS 54% 58% INTERNET BROKERS 7% 11% NORDIC BANKS 27% 21% NORDIC BROKERS 12% 10% FIRST NORTH 2013Q1 TURNOVER TRADES GLOBAL INVESTMENT BANKS 19% 12% INTERNET BROKERS 46% 56% NORDIC BANKS 23% 21% NORDIC BROKERS 12% 11% MAIN MARKET INVESTOR BASE FIRST NORTH INVESTOR BASE
  19. 19. 20 NORDIC INDEX DEVELOPMENT - 2014 FIRST NORTH VS AIM 90 95 100 105 110 115 OMX Stockholm Large Cap PI OMX Stockholm Mid Cap PI OMX Stockholm Small Cap PI First North All-Share SEK FTSE AIM All-Share OMX Stockholm Midcap 13% OMX Stockholm Mid Cap 9,5% OMX Stockholm Large Cap 8% OMX First North Al-Share 4% FTSE AIM All-Share - 8%
  20. 20. FIRST NORTH VS AIM (INCLUDING AIM INTERNATIONAL*) • Average statistics for: – Turnover – No of trades – Spreads • 125 FN companies are matched against the AIM company most similar in size given that they are in the same ICB industry. 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 AIM FN Annual no of trades Average company AIM FN 0 5 10 15 20 25 30 35 AIM FN MillionsEUR Annual turnover Average company AIM FN 0% 10% 20% 30% 40% 50% 60% 70% 80% AIM FN Listed companies with a Spread below 5%
  21. 21. 22 $ HOW WE SUPPORT YOU ELEVATING YOUR BRAND
  22. 22. NASDAQ RELATIONSHIP MANAGER IMPLEMENTATION TEAM 24 HR. CUSTOMER SUPPORT SURVEILLANCE ANALYST “One point person. Responsiveness to requests and questions. Accuracy of information.” -Microchip “I have great confidence in the NASDAQ team and their response time to our requests is quite remarkable. I feel like we have bench strength having them on our team.” -Lululemon “Staff from the helpdesk to client account managers are knowledgeable, resourceful and quick to respond.” -Pacific Life “The editorial team is superb … ensuring the press release or the SEC filing is of high quality.” -Cardtronics DEDICATED SUPPORT STRUCTURE 23
  23. 23. NASDAQ’s DEDICATION TO PUBLIC COMPANY NEEDS ▶ Released hundreds of product enhancements in 2013 ▶ Client base of over 10,000 corporations continually providing input to build best-in- breed platforms ▶ Committed to differentiating our solutions ▶ Over 20 years of experience ▶ A single integrated platform to manage and master the two-way flow of information ▶ Fusion of key data providers including FirstCall and Street Accounts ▶ Enable individuals to share, create, distribute, target and analyze across the enterprise that is impossible today due to existing siloes ▶ Invested over $350m with the acquisition Thomson Reuters Corporate Solutions ▶ Support Team: Over 2,000 people in 60 countries ▶ Investing millions to develop our next generation (NextGen) platform from the ground up NEXT GENERATIONPRODUCT INNOVATIONSTRATEGIC INVESTMENTS With hundreds of front-line professionals dedicated to supporting our solutions, companies can leverage our vast knowledge and experience. We not only support our products, we use our products. 24 OVER 10,000 CLIENTS WORLDWIDE 100% OF NASDAQ-100 COMPANIES USE GLOBAL CORPORATE SOLUTIONS 96% OF S&P 500 COMPANIES USE GLOBAL CORPORATE SOLUTIONS 90% OF FORTUNE 500 COMPANIES USE GLOBAL CORPORATE SOLUTIONS TRUSTED BY MARKET LEADERS
  24. 24. NASDAQ OMX NASDAQ OMX CORPORATE SOLUTIONS Our powerful Web-based PR solutions are designed to efficiently identify key traditional and social media contacts, reach & distribution your message, monitor the effectiveness of all of your campaigns and measure the impact of your efforts ● ● ● ● Increase the impact of your communication and stretch your outreach with our Multimedia & Webhosting solutions ● ● ● ● How do you ensure you simultaneously gather intelligence on your current and potential shareholders, understand the dynamics of your sector and the markets at large while optimizing your outreach and communications strategy? • • • • • A diverse array of integrated services. You can improve board communications, business ventures and effectiveness with comprehensive, secure solutions designed to meet your specific needs ● ● ●
  25. 25. NASDAQ OMX LISTING VISIBILITY (EXAMPLE FROM MAIN MARKET LISTING) 26 Tower shot New York  Listing website Listing press release Listing digital guest book Listing CEO interview Listing film (main market listing only) Listing banner 
  26. 26. NASDAQ OMX MAKE TIMES SQUARE YOUR HOME AWAY FROM HOME 27
  27. 27. NASDAQ OMX THANK YOU 28 ADAM KOSTYÁL| SENIOR VICE PRESIDENT | GLOBAL CORPORATE CLIENT GROUP | +46 8 405 7145 | Adam.Kostyal@NASDAQOMX.COM
  28. 28. NASDAQ OMX APPENDIX 29
  29. 29. NASDAQ OMX 30
  30. 30. NASDAQ OMX ADMISSION REQUIREMENTS FOR COMPANIES ON FIRST NORTH The company shall sign an agreement with a Certified Adviser Conditions for sufficient supply and demand must exist in the company’s shares: ▶ having a sufficient number of shareholders (300); and ▶ at least 10 percent of the share capital of the company being held by the general public; or ▶ retaining the services of a Liquidity Provider Preparation of a Company Description or prospectus The company must possess the organization and staff required in order to comply with the requirements regarding disclosure of information to the market Minimum share price 50 Eurocent at the time of admission
  31. 31. NASDAQ OMX THE CERTIFIED ADVISER’S REVIEW OF THE COMPANY Guidelines regarding the content of the review The background of persons on the board of directors, suitability and experience, independence, ownership Legal review ▶ Making sure that the description of the legal risks in the prospectus or company description is adequate ▶ A review of all material agreements entered into by the company ▶ An assessment of the company’s tax situation ▶ A confirmation that all formalities in respect of corporate matters have been handled properly Information policy adopted by the board
  32. 32. NASDAQ OMX THE COMPANY’S APPLICATION Information to be included in the Company Description A company that does not possess documented earnings capacity shall demonstrate if the company possesses sufficient financial resources in order to be able to conduct the planned business for at least twelve months after the first day of trading. The information shall be included in the prospectus It should also be made clear when the company expects to be profitable and how the company intends to finance its operation until such time Disclaimer regarding First North status shall be included
  33. 33. NASDAQ OMX 34 MARKET CAP SEGMENTS AND QUALIFICATIONS Large Cap Mid Cap Small Cap First North >1 BEUR 150M – 1 BEUR <150 MEUR No Mcap segments, but ”Premier segment” About the segments: The segment Large Cap includes companies whose shares have a market value of 1 billion euro or more. The segment Mid Cap includes companies whose shares have a market value between 150 million euro and 1 billion euro The segment Small Cap includes companies whose shares have a market value of less than 150 million euro. Qualifications: Revisions take place yearly, effective 1 Jan each year and based on the VWAP in November.
  34. 34. 35 FIRST NORTH FEES First North Application Fee* 5400 EUR Quarterly Fee* Mcap 0-22 M: 1400 EUR Mcap 22-54M: 1400-3800 EUR Mcap 54-110M: 3800-6500 EUR Mcap 110-220M: 6500-9200 EUR Mcap >220M: 9200 EUR Rights issue* 5400 EUR + 1 ‰ of amount (max 81500 EUR) (as of february 2014 edition of price list, may be subject to change)
  35. 35. 36 US LSE Euronext Deutsche Börse OMX 819 222 184 172 103 MARKET COMPARISON – TECHNOLOGY Listed Companies - Technology Market Capitalization – Technology ($B) Total Analysts Recommendations - Technology Source: Bloomberg Research, 28th of April 2014. Companies in the GICS: Information Technology. US Market lists more companies and trades more volume than European exchanges. US LSE Euronext Deutsche Börse OMX 4 876 345 132 152 94 US LSE Euronext Deutsche Börse OMX 1 451 200 1 241 458 251 254 113 588 641 735 6 Months Average Daily Volume - Technology Average P/E Ratio - Technology US LSE Euronext Deutsche Börse OMX 7 458 582 465 524 211 US LSE Euronext Deutsche Börse OMX 84 53 31 62 31
  36. 36. First North vs AIM (Median) • Median statistics for: • -Turnover • -No of trades • -Velocity • 125 FN companies are matched against the AIM company most similar in size given that they are in the same ICB industry. 37 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 AIM FN MillionsEUR Annual turnover Median company Turnover 0 100 200 300 400 500 600 700 800 AIM FN Annual no of trades Median company Trades 0 5 10 15 20 25 AIM FN Turnover velocity (%) Median company Velocity
  37. 37. LISTING REQUIREMENTS 38 • • • • • • • • • • • • • • • • • • • •
  38. 38. THE EUROPEAN REGULATORY FRAMEWORK 1808 39  Operated by a market operator  Directives from EU applicable • Prospectus directive • Transparency directive • Market abuse directive  Operated by a market operator or financial institution  No European Union requirements for traded companies * Multilateral trading facility Regulated Markets MTF* Markets

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